SEC drops probe into Exxon's climate change calculations

SEC drops probe into Exxon's climate change calculations

Aug. 03, 2018

NEW YORK (AP) — The Trump administration has dropped a two-year investigation into how Exxon Mobil Corp. factors climate-change regulations into how it calculates the value of its assets.

The Securities and Exchange Commission informed the energy giant in a letter that it would not recommend an enforcement action against the company at this time.

Exxon Mobil spokesman Scott Silvestri said on Friday that the company cooperated fully with the SEC inquiry. He says Exxon is confident its financial reporting meets all legal and accounting requirements.

The SEC letter says its decision should not be construed as an exoneration. The agency declined further comment.

Exxon faces separate investigations in New York and Massachusetts into whether it misled investors about climate change issues.